Imran Khan's government's plan 'Roshan Digital Accounts' saved Pakistan from a crisis

 Imran Khan's government's plan 'Roshan Digital Accounts' saved Pakistan from a crisis like Sri Lanka

For the first time, friendly countries refuse to lend a helping hand. The political situation does not allow the current setup to comply with the IMF's terms. Without bright digital accounts, the country's foreign exchange reserves would be at a critical juncture. Reports

The 'Roshan Digital Accounts' project launched by the Pakistan Tehreek-e-Insaf (PTI) government has saved Pakistan from a crisis like Sri Lanka as friendly countries have for the first time refused to extend a helping hand while the political situation At the time, the country's foreign exchange reserves would be at a critical juncture if there were no bright digital accounts.

According to a report by ProPakistani, due to severe pressure on the economy, depletion of foreign reserves, rising current account deficit and rupee depreciation to its lowest level in history, Efforts should be made to revive the financial fund program. However, what would have happened if the Roshan Digital Accounts scheme had not been launched? 

In this regard, veteran economist Salman Siddiqui said that if Roshan Digital Accounts had not been launched, Pakistan's foreign exchange reserves would have been at a critical stage, without Roshan Digital Accounts and the support of Saudi Arabia and China we would have a crisis. 

And the country would have gone bankrupt like Sri Lanka. The Enlightenment Digital Account (RDA), launched in September 2020 during the global outbreak of the corona virus, has reportedly exceeded 4 billion and reached  4.2 billion in April 2022, the month of April. Remittances to Roshan Digital Accounts reached 245 million during the year.

On the other hand, the SBP's foreign exchange reserves fell from 16.4 billion in February to 10.5 billion at the end of April, with an import base of less than 2 months and After a 3.2% crash earlier this week, the Pakistan Stock Exchange (PSE) saw a sharp decline on Wednesday, with the KSE-100 Index falling more than 1,000 points during trading. 

The index also fell below the psychological level of 43,000 points, due to which investors had to bear a loss of more than Rs. 2 trillion 28 billion 57 crore 19 lakh .

In this regard, the former head of BMA Capital Faizan Ahmed said that after a few days of political clarification, the market has again shown signs of uncertainty, this time it is a very unusual situation because for the first time friendly countries Refusing to extend a helping hand, all countries want Pakistan to restart the IMF program so that the situation can return to normal but the political situation is not allowing the current setup to comply with the IMF's terms.

Head of Research Arif Habib Limited Tahir Abbas has said that the government needs to withdraw petroleum and electricity subsidies in accordance with the consensus with the IMF to return to the program, without restarting the IMF program. 

Therefore, it will be very difficult to repay the loans because the money from friendly countries' rollovers and other multilateral institutions will be possible only as a result of the agreement with the IMF, while raising funds from the international market from the IMF. It will be easier after approval.